With the property industry finally picking up post recession, albeit slowly, new ways of doing business are emerging and inevitably the internet and social media will take centre stage over the coming decade.
Neil Young, CEO of the Young Group, said: "Occupiers will continue to become more knowledgeable and empowered as information becomes increasingly accessible and more easily shared through social media, something that the sector as a whole has been slow to adopt. I'd like to think that over the next decade property professionals can not only catch up, but also lead the way with innovative use of technology to drive a better more transparent experience for customers and closer, flexible relationships with landlords and occupiers."
Howard Morgan, managing director of RealService, added: "The property industry's customers will also be more knowledgeable with information at their finger tips to help them make informed decisions about which suppliers are best and offer consistently high levels of customer service."
Industry experts have also highlighted the fact that the UK property industry needs to be increasingly wary of the growing influence of EU legislation over the coming decade, which threatens to establish a stranglehold.
Liz Peace, chief executive of the British Property Federation, commented: "When Brussels first turned its attention to the property industry, it focused on energy and environmental matters with the odd foray into VAT. However there is a worrying trend of EU legislation catching the UK property industry in its regulatory net.
"Trying to get across to EU officials that investing in property involves more that an act of pure financial speculation and actually requires serious ‘production' and management of the assets we own is proving challenging. The penalty if we fail to do so by 2020 could be a whole raft of suffocating legislation."
